My question is this: Of the $40 trillion in Individual and corporate debt, I was wondering if any of it is double counted? For example, all home mortgage debt is counted properly to individuals. However, most of that debt is securitized and issued as debt again by a sponsoring institution. The same for some commercial real estate, credit card receivables, auto loans, etc. This rise in the shadow banking system of the past 20 years must have some impact on the gross debt to GDP numbers you quote.